BUSINESS LIVE: Surge in pay rings alarm bells for pensioners

BUSINESS CLOSE: Surge in wages could mean big state pension boost; Asos share price falls sharply; FCA vows to become more ‘assertive’

New data shows the number of open job posts reached pre-pandemic levelsIn the three months to May, annual total pay growth hit 7.3%, ONS said Online retailer Asos has seen its share price drop by over 14% todayFinancial Conduct Authority vows to become more ‘assertive’ in its approach 

The FTSE 100 closed down 79.17 points at 7012.02 and the pound was at $1.38 against the dollar.

Fresh figures published by the Office for National Statistics this morning revealed the number of job vacancies in Britain surpassed pre-pandemic levels in the three months to June. 

The ONS said there were 862,000 jobs on offer in Britain between April and June, which is 77,500 more than in the same quarter in 2020.

The ONS said the rise was driven by ‘hospitality, wholesaling and retailing’. The number of people on payrolls also grew, up by 356,000 in June, the figures show.

But, the ONS said the number of payroll workers remained 206,000 below pre-pandemic levels, at 28.9million. 

In the three months to May, annual total pay growth hit 7.3 per cent and annual regular pay grew 6.6 per cent.